Dubai’s Sharaf Group reveals big investment plans to ramp up its investment in India’s logistics, infrastructure and food segments as part of the company’s long-term investment plan to tap India’s rising business friendly climate. Addressing at UAE-India Economic Forum, Salah Sharaf, the Group Executive Director of Sharaf Group emphasized on focusing and expanding the Company’s operations in the above mentioned sectors in the next few years.
Over the span of several years, Sharaf Group has been consistently engaging in India especially in railway and logistics parks. According to Sharaf, “The two infrastructure related fields will be the next areas of focus of the group. We have been active in the logistics parks in India and now, we have plans to diversify and invest in more logistics parks.” Presently, the company operates in five logistically parks and eyes to extend its operations to ten more cities in India given the fact that the country has a vast possibility of development in structures and infrastructures.
He focused on the improvement in the infrastructure industry back home, pointing out that although the country has evolved it has insufficient means. They spoke about the inefficiency of infrastructure in India and this where the group wanted to find the greatest potential for expansion, he added.
Besides logistics and infrastructure, Sharaf Group aims high on the food industry particularly amidst the growing partnership between India and the UAE on the latter’s food security. This type of investment corresponds with food security commitments made by both nations to improve relations in this field. Salah Sharaf said that the company has already reached a MoA to attend the World Food India exhibition, which is the leading event to find partners in food business.
UAE-India relations have evolved for the better in the recent past and owe this to the high level diplomatic visits between the two countries. The former Prime Minister of Egypt, Salah Sharaf also appreciated this cooperation and thanked His Highness Sheikh Mohammed bin Zayed Al Nahyan the Crown Prince of Abu Dhabi for his foresight. ’The most significant and positive transformation occurred in the UAE and India connection over the last few years’, he said, ‘The Indian government’s stance on foreign investment 180 degrees from what it was nearly a decade ago’.
He also thanked the Indian government for halving bureaucratic challenges to the extent that used to hinder FDI. He pointed out that the overbearing bureaucratic hostility that was once a norm in our country is no longer a phenomenon, thus making India a better place for investors. Foreign participation was not allowed in these sectors earlier but Sharaf further said ‘the government of India is now inviting foreign companies to invest in India and has thereby lifted most of the barriers to foreign investment.’
The Sharaf Group views the emerging partnership between India and the UAE on food security as a prospective avenue. As the UAE has shown increasing interest establishing its food security agenda, Sharaf Group is seeking a favourable place in this particular area. Lauding the World Food India exhibition, Vice-Chairman of Sharaf Group Sharafuddin Sharaf noted that the event will see dozens of UAE concerns. UAE-India: Prosparing and agriculture minister of State (Independent Charge) for Food Processing Industries of India Niranjan Jyoti also stress on the importance of food security cooperation between both nations.
‘Being a partner and participating in the World Food India exhibition clearly shows how the food sector is vital in the relationship between the two countries,’ said Sharafuddin Sharaf. He also observed that all states in India have shown a very positive attitude towards FDI. Currently, states within India are ramping up efforts inviting foreign investors aggressively to invest in their state, On one single day I was able to set meetings with eight ministers and chief ministers who were interested in exploring partnership across various sectors.”
The Sharaf Group’s expansion of its investment portfolio in India can be attributed to the progressive changes in the governmental policies regarding foreign investment. Both Salah Sharaf and Sharafuddin Sharaf both had an optimistic outlook towards their investments in India. They attributed such reforms to the Indian government alibied for having eased out hurdles and made India an easy choice for foreign funds.
India is investing significantly to promote development, and the Indian states are also vying to attract foreign capital The federal government is not idle either; it is further easing procedures as pointed out by Sharafuddin Sharaf. This has also repositioned the country as one of the most attractive investment destinations in the world especially in sectors such as logistics, infrastructure, and food security.